Peet chief executive Brendan Gore. Picture Michael O Brien The West Australian.
Peet chief executive Brendan Gore. Picture Michael O'Brien The West Australian.

UPDATE 1.25pm: Peet says it is well positioned for growth in the second half after posting a first-half profit of $13.2 million.

The result was achieved on revenue growth of 13 per cent to $104 million.

Peet said it sold 1735 lots in the six months to December 31 compared to 865 in the previous corresponding period and settled 1507 lots compared with 814 previously.

It also had 2184 contracts at hand compared with 1956 at the end of June last year.

Peet said the results reflected broadening market improvement after the challenging conditions of the previous corresponding period.

Managing director Brendan Gore said that the result was in line with expectations and the indications were positive for further improvement in the second half.

"The half-year result demonstrates an improved operating performance, in line with expectations, and also reflects the first full reporting period in which Peet has held an 86 per cent controlling interest in CIC Australia Limited," he said

Mr Gore said the company had positioned itself to take advantage of improving markets by building inventory to meet future demand.

"The underlying foundations of the residential sector remain sound, however mixed market conditions are expected to persist throughout full-year 2014," he said.

"Conditions across the Perth market are anticipated to remain robust with the price growth anticipated to moderate, Victorian sales volumes are expected to remain steady but price sensitive, while activity in the Queensland market is improving.

"However, affordability, softening labour market conditions and consumer caution is likely to make for a subdued uplift."

Peet shares closed up 2.5 cents, or 1.85 per cent, at $1.38.

The West Australian

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